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US govt takes stake in USA Rare Earth, shares jump
USA Rare Earth has said the United States Department of Commerce will take a stake of up to 16% in the company, sending shares up 7.9%. The Department of Commerce will supply USA Rare Earth with US$1.3 billion in loans and $277 million in federal funding, according to its letter of intent. It will receive 16.1 million shares in common stock and 17.6 million in warrants. “This landmark collaboration with the U.S. Government represents a transformative step in USAR's mission to secure and grow a resilient, independent domestic rare earth value chain," said USA Rare Earth CEO Barbara Humpton. “The LOI [letter of intent] with the U.S. Government reflects the strategic importance of USAR's mine-to-magnet platform and its role in closing the rare earth element and critical mineral supply gap for essential industries that underpin U.S. national security, including semiconductors, other critical technologies, and advanced manufacturing,” the company wrote. The U.S. government’s stake would represent 8% to 16% of USA Rare Earth’s ownership, according to a regulatory filing. Under the terms of the letter, the company would have to meet conditions such as obtaining memorandums of understanding with semiconductor end or midstre
Mining
Unearthing bets-on-optimism within commodities in 2026
While gold might be the definitive ‘bet on fear’ again this year, as mum and dad investors buckle in for another rocky ride, some institutional investors see a handful of natural resources as a way to bet on optimism. When it comes to commodities, the market continues to have an unhealthy preoccupation with gold. In its 2026 Commodities Outlook, Goldman Sachs identified gold as the "single favourite long commodity" in the commodity complex. However, if you’re willing to drill down beyond the precious yellow metal, there’s a growing cohort of institutional money willing to place strong bets on pockets of opportunity lurking within a handful of natural resources. While Ninety One is overweight in precious metals, at-weight in base metals and bulk, it’s underweight in energy and agriculture. However, the fund manager reminds the market that each segment saw wide variation in asset quality, management strength, operational resilience and political risk. Overall, the fund manager expects copper to remain another standout this year - after strong gains in 2025 – due to tight supply and with robust demand being linked to its key role in electrification and AI. “Against that backdrop, we think copper-exposed equiti
Mining
MISSION CRITICAL: Gold fuels record M&A
The global mining industry is bracing for a fundamental restructuring, as two of its largest players move towards a monumental consolidation based on sky high gold prices and a shared belief that copper will be a key commodity and driving force into the next decade of industrialisation. Azzet’s Mission Critical is a weekly column that lays out the ebbs and flows around critical minerals supply chains - from pricing, production, refinement and mergers & acquisitions, to manufacturing and consumer products. The potential combination of Rio Tinto (ASX: RIO) (US$145 billion) and Glencore Plc (LON: GLN) ($55 billion) - a deal that would create a behemoth with an enterprise value of an eye-whopping $250 billion - stands to be the largest mining transaction ever seen. It would also create the world's largest miner, pipping BHP's (ASX: BHP) current market capitalisation of $242 billion. "The first potential deal of 2026, a merger between Rio Tinto and Glencore, would be the biggest mining deal ever," Morningstar analysts wrote in a note. “This will likely have a domino effect on other large-scale miners, looking for opportunities to expand their mining portfolio in fear of being left behind.”Decades in the makingOn 8 Januar
Mining
BlueSteel confirms SGH and Steel Dynamics proposal
Steelmaker BlueScope has confirmed speculation it received an unsolicited indicative takeover proposal from two companies at a price of A$30 (US$20.10) per share. The proposal was made by SGH Limited (ASX: SGH) and U.S. steelmaker Steel Dynamics (NASDAQ: STLD) in a deal that would see SGH acquire all of Bluescope’s shares and then on-sell its North American business to Steel Dynamics. “The Board of BlueScope is committed to optimising value for its shareholders across all of its businesses, and continues to regularly assess all options for accelerating the realisation of this value,” BlueScope said in an ASX release. The offer values BlueScope at 24% more than its sharemarket value at the start of this week. BlueScope also confirmed that it has pushed back on multiple proposals from Steel Dynamics since 2024. “These approaches were rejected as they significantly undervalued BlueScope and its future prospects, and presented significant execution risk in relation to regulatory outcomes,” the company said. SGH also confirmed that potential deal in an ASX release. In the SGH media release, the company said the deal would be worth A$13.2 billion. BlueScope’s North American operations generate almost half of its
Mining
Mission Critical: Chile creates new strategic metals giant
In what seems to be the final big M&A deal of 2025, a long-awaited partnership between Chilean state copper producer Codelco and lithium miner SQM was officially signed last week, resulting in the creation of a new entity named NovaAndino Litio SpA. Azzet’s Mission Critical is a weekly column that lays out the ebbs and flows around critical minerals supply chains - from pricing, production, refinement and mergers & acquisitions, to manufacturing and consumer products. The landmark M&A creates a new state-backed global critical minerals powerhouse, as the deal effectively hands majority control of the Salar de Atacama to the Chilean state via Codelco. In return for ceding control, SQM has secured its operational rights in the region until 2060, extending its tenure well beyond the previous expiration dates. Codelco remains in a tight race with mining heavyweight BHP (ASX: BHP) as the world's biggest producer of the red metal, churning out ~1.33 million tonnes (mt) of fine copper in 2024 and on track to deliver the same this year. SQM is no slouch either, having delivered record lithium production volumes of roughly 210,000t of lithium carbonate equivalent (LCE) over the same period, with similar guidance for 2025.

Mining
Mission Critical: It's Westralia's time to mine
Well, the ink is barely dry on the federal government’s $12 billion cheque for the Henderson Defence Precinct, but the race for industrial dominance in Australia's West has effectively already been critically - and minerally, won. Azzet’s Mission Critical is a weekly column that lays out the ebbs and flows around the critical minerals supply chains - from pricing, production, refinement and mergers & acquisitions, to manufacturing and consumer products. As the eastern seaboard continues to navigate a landscape of sticky inflation and stagnating productivity, Western Australia has quietly decoupled from the national malaise. Market data released this week confirms that the lithium price correction has bottomed out, with export volumes surging in November as Chinese refineries scramble to secure feedstock for 2026. It's a resurgence in the minerals cycle - combined with the solidification of sovereign defence contracts - that's created a unique economic moat around the state. The narrative has shifted from the old cyclical resources playbook to structural growth, something that the rest of the country cannot replicate. And Perth, according to JLL, is the net winner on a global scale.Credit: JLLFrom quarry to chemical
Mining
Barrick shares hit record highs on ending Mali dispute
Barrick Mining (NYSE: B, TSX: ABX) shares have hit a record high after resolving a volatile two-year dispute in West Africa - but a new challenge has emerged, with reports that United States activist investor Elliott Management has entered the boardroom as a top 10 shareholder. The Canadian miner has reached an agreement with Mali’s military government - ending a two-year standoff that saw top executives detained and gold reserves seized. Shares in Barrick, the world's second biggest gold producer, surged nearly 7.5% on Monday to hit an all-time high of C$55.93 in Toronto following the announcement, supported by reports that Elliott Management has taken a major stake in the company. Barrick's been busy:August 2023: Mali adopts a new mining code, demanding a bigger slice of miner revenuesJune 2025: Mali’s military government seizes Barrick's Loulo-Gounkoto mine and appoints a “provisional administrator”Mid-2025: Authorities seize 3 metric tons of gold and arrest four senior Barrick employeesSeptember 2025: Long-time CEO Mark Bristow abruptly resigns; Mark Hill steps in as interimNovember 2025: Elliott Management emerges as a top shareholder; Barrick and Mali announce a resolution to a two-year dispute over gold mining Mal
Mining
China amplifies long-running dispute with BHP
China’s state-run iron ore buyer has quietly told steel mills and traders to stop snapping up a specific type of BHP (ASX: BHP) ore, widening an existing ban and escalating fears about the future of Australia’s biggest export. China Mineral Resources Group (CMRG) — the agency created in 2022 to centralise iron ore buying and squeeze out better pricing — told mills and traders late last week to avoid purchasing new shipments of Jinbao fines, a lower-grade ore produced by BHP, the world’s third-largest iron ore miner, according to two people familiar with the move. One source said CMRG warned mills they had a matter of days to avoid taking delivery of Jinbao fines at port, a deadline that could spark a scramble to reshuffle cargoes. It’s unclear how many buyers received the message, but this isn't the first time that China, the world’s largest consumer of the key steel-making ingredient, has played hardball with BHP over contract negotiations. Back in September, CMRG instructed mills and traders to stop buying BHP’s Jimblebar Blend Fines, as the two sides remain locked in long-running negotiations over their 2026 supply contract. When asked about the new restriction, BHP told the media it doesn’t comment on commercial
Mining
BHP scotches reports of new Anglo bid
BHP Group has denied media reports it plans a new takeover bid for Anglo American. The world’s largest mining company said it had held preliminary discussions with the Anglo American Board but was no longer considering a combination of the two companies. “Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy,” BHP said in a media release. Earlier, media outlets including Reuters and Bloomberg reported BHP was preparing to launch a new takeover offer only a year after abandoning a $49 billion bid and months after Anglo agreed to merge with Canada's Teck Resources (TECKb.TO). The Teck deal, worth more than US$60 billion, would create the world’s second-largest copper producer with annual output of 1.2 million tonnes. BHP had made overtures to the one-third smaller London-listed Anglo American in the last few days, Bloomberg reported in this story. Bloomberg quoted people familiar with the situation as saying BHP’s proposal included a mix of cash and stock. “The deliberations remain ongoing, and there is no guarantee they